Major cryptocurrency exchange FTX now supports Terra’s native stablecoin, UST
Terra, the second-largest decentralized financial ecosystem by total value locked (TVL) across all its applications, now has its stablecoin listed by a leading exchange.
FTX adds Terra USD (UST), expands to Europe
Top-tier cryptocurrency exchange FTX announced on March 6, 2022, that it starts supporting Terra USD (UST), an algorithmic stablecoin of the Terra (LUNA) ecosystem.
As such, FTX users can now seamlessly trade the largest decentralized stablecoin by market cap. Earlier this month, Luna Foundation Guard (LFG) decided to increase the UST offer by $450 million in equivalent.
This mint took place because of increased interest in DeFi operations with UST.
Additionally, on March 7, 2022, FTX co-founder Sam Bankman-Fried announced that operations of his product are now licensed in Europe. The new FTX Europe has obtained a license from the regulator CySEC.
Both spot and derivatives trading modules will be available on the platform for European clients. The new arm of FTX will be headquartered in Switzerland.
Terra (LUNA) defends $80 level and outperforms all majors
Despite a significant pullback, decentralized applications on the Terra (LUNA) blockchain have added 50% TVL in the past 30 days. Currently, this metric sits at $22 billion, twice as much as that of the closest competitor, Binance Smart Chain (BSC).
LUNA, a core native asset of Terra ecosystem, struggles to stay above $80.
Terra (LUNA) is changing hands only 20% less than ATH, while other large caps including Bitcoin (BTC), Ethereum (ETH) and Cardano (ADA) are down 50 to 70%.
